Accel Selling Big Chunks Of Facebook Stock

Friday, 19 November 2010 22:37

Accel Selling Big Chunks Of Facebook Stock

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Sometime in the last week or so, we’ve heard from multiple sources, Accel Partners has sold very significant chunks of Facebook stock. So significant, in fact, that their ownership percentage has dropped to a point where they are no longer the largest venture shareholder in the company.

Prior to the sale they had somewhere around 10% of Facebook. They paid just

$12.7 million for that stock, in 2005. Our understanding is they sold somewhere around 20% of that position, meaning they own 8% or so of Facebook now.

So who bought it, and what was the price?

One source said TCV purchased some $200 million of the stock. And another source says Andreessen Horowitz purchased $80 million in Facebook stock out of their massive new fund.

We’ve heard these trades occurred at a $35 billion valuation from one source. Another said $40 billion, and yet a third said “way lower.” Whatever the price, it’s likely half a billion dollars or more that Accel is taking off the table.

To be clear, we haven’t confirmed some of this. But it’s pretty clear Accel is selling a lot of Facebook stock right now, and that at least Andreessen Horowitz is one of the buyers – they confirmed to us that they have begun buying shares, but won’t comment on price or number.

A year ago Elevation Partners bought $90 million in Facebook stock at a roughly $9 billion valuation. Then earlier this year they invested $120 million more at a $14 billion valuation.

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